Otter.ai Raises $320M from General Catalyst Fund to Expand Enterprise Meeting Tools

Otter.ai said Tuesday it raised $320 million from General Catalyst's Customer Value Fund, capital provided without equity dilution and repaid from marketing returns. The meeting note-taking startup will direct the funds toward enterprise growth, go-to-market strategy, international expansion and product development. Otter, founded nearly a decade ago, had raised just $50 million total before this round, according to PitchBook. It crossed $100 million in annual recurring revenue last year and said it is approaching new milestones without disclosing figures. Cumulative users reached 40 million, up from 25 million last year; the company did not provide monthly active user or churn data. The market is crowded with rivals including Fireflies.ai, Granola, Read AI, and Superhuman, which acquired Fathom. Otter recently named Alex Gay, formerly of Superhuman, as CMO and is testing pre-meeting briefs and a Live Assist feature that lets users query an AI assistant during calls.